Unveiling the Latest Trends in P&C Insurance and Insurtech for 2024

Given the uncertain global economic landscape with potential recessions and geopolitical uncertainties, insurers must reassess their strategies and adapt to regulatory changes. The move towards hybrid work models and a growing emphasis on environmental, social, and governance (ESG) factors require advancements in digital technologies and a dedication to sustainable practices. In the P&C insurance sector, trends include the impact of natural disasters on insured losses, persistent hard market conditions, and the evolving landscape of insurtechs facing funding challenges and innovation opportunities.

The insurtech sector is expected to undergo consolidation through mergers and acquisitions, focusing on established technologies and strategic partnerships to evolve towards embedded insurance, growth in MGAs, and expanded distribution channels. Operational efficiencies and talent management are vital in navigating current economic conditions and meeting evolving consumer demands, with AI playing an increasingly significant role in underwriting and customer service, underscoring the importance of robust privacy measures in light of cybersecurity risks. Duck Creek Technologies advises insurers to adapt to the rapidly changing environment characterized by heightened consumer expectations, cybersecurity threats, and the necessity for modern infrastructure to stay competitive and meet market demands.